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10/18/2001

Stockholders Resume Secondary Offering of iStar Financial Common Stock

NEW YORK, Oct. 18 /PRNewswire/ -- iStar Financial Inc. (NYSE: SFI) today announced that Starwood Mezzanine Investors L.P. and Starwood Opportunity Fund IV, L.P. and one of their affiliates have resumed an underwritten public offering in which they propose to sell 15.0 million shares of iStar Financial common stock owned by them. The selling stockholders have also granted the underwriters an option to purchase up to an additional 2.25 million of their shares of iStar Financial common stock solely to cover over-allotments. The Company is not selling any shares in the offering. The joint lead managing underwriters of the offering are Merrill Lynch & Co., as sole book-running manager, and Lehman Brothers. Banc of America Securities LLC, Bear, Stearns & Co. Inc., Salomon Smith Barney and UBS Warburg are also acting as managing underwriters of the offering.

Assuming the underwriters' over-allotment option is exercised in full, the selling stockholders will own approximately 41.0% of iStar Financial's common stock on a diluted basis following the offering (43.6% if the over-allotment option is not exercised).

As previously announced, iStar Financial will host its third quarter earnings conference call at 10:00 a.m. Eastern time tomorrow.

iStar Financial is the largest publicly traded finance company focused exclusively on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate mezzanine and subordinated capital, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver superior risk-adjusted returns on equity to shareholders by providing innovative and value-added financing solutions to its customers. Additional information on iStar Financial is available on the Company's Web site at www.istarfinancial.com.

SOURCE iStar Financial Inc.

CONTACT: Spencer B. Haber, President and Chief Financial Officer, or Lianne A. Merchant, Vice President, Investor Relations, or Erin C. Hart, Associate, Investor Relations, all of iStar Financial Inc., +1-212-930-9400/

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